Journalize the following transactions for Price Company. Assume a perpetual inventory system. Also, assume a...
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Journalize the following transactions for Price Company. Assume a perpetual inventory system. Also, assume a constant gross profit ratio for all items sold. Make sure to enter the day for each separate transaction. August 5 Sold goods costing $3,000 to Williams Company for cash, $5,000. August 11 Williams Company returned undamaged merchandise, purchased on August 5, for a cash refund, $370
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